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Co-Operative Societies Act 2008


221. Dealing in property subject to charge

1.     Any person who—

a.     fraudulently or clandestinely removes any property comprised in a charge created in favour of a society from the place where such property was situate at the time of the execution of the charge; or

b.    Knowingly disposes of, or deals with or attempts to dispose of or deal with such property without first obtaining in writing leave of the society, commits an offence and is liable on summary conviction to a fine of $2,000 or to imprisonment for 6 months or both.

2.     The Court may in addition to any penalty imposed on a person pursuant to subsection (1) require that person to repay such amount of the loan with interest as has not been repaid at the date of the conviction; and the payment of that amount shall discharge the liability of the borrower to repay the loan.



Co-Operative Societies Act 2008 Back




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